I’ve been in the insurance industry for a number of years, and I’m becoming very confident that Malaysian Airlines (MA)/AirAsia is running a massive insurance scam. The recent AirAsia mystery adds credence to this theory and links collaborating parties (Update: they have now found some wreckage, so we’ll have to evaluate different possibilities as the investigation continues). I believe there was the means (companies and people who have shady histories) and motive (money) to do so. Let’s look at some of the facts outlined by recent articles:

Before the disasters, Malaysia Airlines had been in a deep financial hole. “In 2013, Malaysia Airlines was one of the world’s few unprofitable carriers”. The carrier has lost money for more than three years, beset by high costs, a proliferation of unprofitable new flying in its network, and two low-cost rivals at its home airport in Kuala Lumpur. You could assume there was a desparate need for a cash infusion. They argubly needed it more than any other airline carrier in the world.

MA is owned partially by their national government. To be more specific, MA is owned by the parent company, Malaysian Airline Systems, which is owned by the government’s sovereign wealth fund, Khazanah Nasional. The MA government search response has been odd, many conflicting news reports and narratives, and the government’s response almost seems determental. You could assume governmental agents had a financial motive to collaborate in the insurance scam.

Here’s the kicker..Malaysia Airlines had a broad liability policy through Allianz of Germany. The limits were “higher than normal” and went up to $2.25 billion for each crash. Willis Group Holdings was the broker for the policy. Worth mentioning: Did you know that Allianz was one of the insurers for the World Trade Towers? Willis Group Holdings was also the broker for the policy that paid out Larry Silverstein on WTC!

Malaysian Airlines also had a separate “war risk” policy written by the Atrium Underwriting Group, which was immediately paid out for Flight 17, due to the Ukrainian disaster. There are unconfirmed reports that the plane had been insured for over $97 million dollars.

Seems bad for the insurance company, Allianz? Not as bad as it would seem. Allianz is the 3rd largest insurer in the world and “Allianz itself has only 9 percent of the exposure, having shared the rest with other underwriters”. Also, the 370 claim was split up between the war risk policy and the broad liability policy because there wasn’t a definitive answer on what actually happened. Therefore, no pool of money was taking on the full burden of the loss. Realistically, it would be unlikely for the entire board of Allianz to be complicit. 9% loss claim is still a lot of money. If it is financial fraud, it’s more likely that a few rogue employees/agents of Allianz would protect and implement the fraud.

AirAsia Flight: Same insurer as MA: Allianz. Very easy to work with same employees/agents in the deal. Also, AirAsia and MA agreed to a share swap in August of 2011, so they are very close financially as well.

Unusual activities: AirIndia, a member company, has been insuring grounded and out of commission planes (see reference below). This has been protested by their pilots union. Also, MA had an “unusual claim in 2000 for the total loss of an Airbus A330 traveling in the opposite direction on the same route as Flight 370.” In that case, a canister of a mysterious Chinese shipment destined for Iran broke open near the end of a trip from Beijing to Kuala Lumpur and began leaking, producing a smell that prompted the captain to conduct an emergency evacuation upon landing of all 266 people aboard. The plane was buried near the airport and a claim of approximately 90 million was paid out.

The owner of AirAsia, Tony Fernandes, an entrepreneur and owner of many businesses, also sold a high volume of shares of his travel insurance business days before the plane disappearance. Mr. Fernandes bought AirAsia for about 29 cents on September 8, 2001.

The Malaysian Police Chief has not ruled out, and has publicly acknowledged that he’s still looking looking at the possibility of insurance fraud.

Willis Holdings, the insurance broker, has been involved with a lot of criminal activity in the past. The company itself, or employees within the organization, definitely seem to be experienced criminals: “Willis Group Holdings has also been accused of aiding Stanfords 7 billion dollar ponzi scheme”. Link below.

Conspiracy claims have emerged surrounding the disappearance of AirAsia Indonesia flight QZ8501, with a Chinese blogger saying it was the work of a shadowy group called 'Black Hand'. – Reuters pic, December 30, 2014.

Conspiracy claims have emerged surrounding the disappearance of AirAsia Indonesia flight QZ8501, which went missing on Sunday, with a Chinese blogger saying it was the work of a shadowy group called "Black Hand". UK paper The Daily Mail has reported the blogger saying that the same group was also responsible for making Malaysia Airlines MH370 disappear and the shooting down of MH17 in Ukraine.

His claims have started a storm of speculation online, more so because he had said that the Black Hand group would next target an AirAsia flight, almost two weeks before QZ8501 vanished.

In one comment on December 15, which has been loosely translated by a Reddit member, the blogger apparently warns:

"Black hand has hijacked and shot down MH370 and MH17.

"This has pretty much killed the sixth largest airline: Malaysian airline.

"Now the black hand are targeting AirAsia to ruin this airline cause it too belong to Malaysia.

"Given how powerful the black hand are I suggest that all Chinese thinking about traveling to avoid AirAsia, so that you don't disappear like those on MH370."

Black Hand is a term used as a metaphor for a covert organisation or underground group.

The Daily Mail reported that a Reddit user suggested that the translation should read "International big black hand" which was more of a reference to an "international bully". Social media users have called the blogger a "conspiracy nut," while others accused him of being crazy.

Since QZ8501 vanished while en route from Surabaya to Singapore Sunday morning, many took to social media expressing shock at the prediction and speculated that the man could be a Chinese intelligence official or a hacker.

There were no Chinese nationals on board QZ8501 unlike on MH370, which was flying from Kuala Lumpur to Beijing on March 7.

The blogger's account became inactive after December 17. – December 30, 2014"

"AirAsia flight QZ8501: Aircraft's behaviour before crash 'on the edge of logic', according to expert

KASHMIRA GANDERThursday 01 January 2015

AirAsia flight QZ8501, which crashed into the Java Sea on Sunday, behaved in ways "bordering on the edge of logic", according to an Indonesian aviation expert. Comments from various experts come as France's crash investigation agency said its specialist black box search team and equipment would arrive early Friday at the search area for the AirAsia flight. The black box will reveal what happened in the final moments of the crash, as the truth behind the cause is still unknown.

Only eight victims have been recovered from the Java Sea despite a a brief window of clear conditions on Thursday. Officials say 162 people died the plane crashed on route from Surabaya to Singapore on Sunday.

Indonesian aviation analyst Gerry Soejatman believes the aircraft rose up as fast as a fighter jet and then dropped back into the ocean almost vertically into the water. And the extreme weather which Airbus 320-200 encountered meant the pilots were helpless to save the passengers and crew on-board, Soejatman told Fairfax media after he examined figures leaked from the official air crash investigation team.

He said "It's really hard to comprehend [the plane acted in a way] bordering on the edge of logic," as it plunged into the water "'like a piece of metal being thrown down." Mr Soejatman believes the crash occurred because the aircraft was caught in a severe updraft, followed by an equally severe ground draft, with the leaked figures showing that it climbed at a staggering rate of 6000ft to 9000ft per minute.

The aircraft then fell at 11,000ft a minute, with bursts of up to 24,000ft – in marked contrast to regular circumstances, when a plane would climb between 1000ft to 1500ft on a sustained basis, gaining 3000ft in a burst.

"You can't do that at altitude in an Airbus 320 with pilot action," he argued.

In contrast, aviation expert Peter Marosszeky, from the University of NSW, told the Sydney Morning Herald that the extremely low speed of the aircraft's descent - as low as 61 knots - would suggest the plane was heading almost straight down, explaining why it has been found in water just 10km from its last point of radar contact.

Mr Marosszeky surmised that a climb rate of at least 6000ft a minute would indicate a "severe weather event," because that rate of climb was a 'domain for jet fighters.' But both experts agree that the jet plunged into the water almost vertically because of a freak weather pattern that placed it under extraordinary force. Meanwhile, Dudi Sudibyo, a senior editor of aviation magazine Angkasa instead claimed that the pilot managed to land on the sea before the craft was overwhelmed, the Mirror reported.

He suggested the plane landed safely as a heavy impact would have set off emergency locator transmitters on board – but there is no evidence this happened. The craft was then swamped before sinking below the waves due to the stormy weather, he claimed.

Earlier in the week, AirAsia chief executive Tony Fernandes suggested the jet had encountered "very unique weather" and suggested climate change may be making flights more risky, particularly in the tropics."

"Air France Flight 447 (AF447/AFR447[a]) was a scheduled, international, long-haul passenger flight, operated by the French airline Air France from Rio de Janeiro to Paris. On 1 June 2009 the aircraft being flown, an Airbus A330, just after 02:14 UTC, crashed into the Atlantic Ocean. All 228 passengers, aircrew and cabin crew aboard the plane were killed.[2]

While the Brazilian Navy removed the first major wreckage and two bodies from the sea within five days of the accident, the BEA's (Bureau d'Enquêtes et d'Analyses pour la Sécurité de l'Aviation Civile) initial investigation was hampered because the aircraft's black boxes were not recovered from the ocean floor until May 2011, nearly two years later.[1][3]

BEA's final report, released at a news conference on 5 July 2012,[4][5] concluded that the aircraft crashed after temporary inconsistencies between the airspeed measurements – likely due to the aircraft's pitot tubes being obstructed by ice crystals – caused the autopilotto disconnect, after which the crew reacted incorrectly and ultimately led the aircraft to anaerodynamic stall from which they did not recover.[4][6][7] The accident is the deadliest in the history of Air France.[8][9] It was also the Airbus A330's second and deadliest accident, and its first in commercial passenger service.[10]"